LONDON (ShareCast) - (Sharecast News) - Video games developer Keywords Studios has acquired US-based game development services provider High Voltage in a deal worth as much as $50.0m.
Keywords said on Tuesday that the acquisition would further its strategy to become the "go-to" technical and creative services platform for the global video games industry.

The AIM-listed group stated that High Voltage had "grown strongly" in recent years and was expected to generate underlying earnings of roughly $9.0m in 2021.

Under the terms of the acquisition, Keywords Studios will pay a maximum amount of $50.0m, comprised of an initial consideration of $23.75m in cash and the equivalent of $9.75m in new ordinary shares.

Chief executive Andrew Day said: "With its 27-year pedigree of game development in the global video games market, High Voltage brings incredible experience, expertise and additional scale to our fast-growing game development service line.

"The multitalented team at HVS brings deep expertise in the Unreal Game Engine development environment, honed particularly well in recent years through working closely with Epic Games on Fortnite, as well as a track record of having worked with many client proprietary game engines, gaming platforms and game genres, which all adds further breadth and depth to Keywords Studios' existing capabilities."

As of 1155 GMT, Keywords shares were up 2.43% at 2,530.0p.

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